The Borneo Post Online (24th April, 2021)

Borneo Post with the expert help of Rockwills Trustee Bhd, the leading specialist in estate planning having pioneered wills and trust 26 years ago, is publishing a regular Q&A column on estate planning. It will feature questions which readers have in mind but don’t know who to ask:

 

Question 1: As my mother is getting older by the day, I want to ask her to do her will, but I’m not sure how to talk to her. She has many assets under her name. Any advice?
Rockwills answer: It is true that many find it hard to bring up the topic of estate planning with their parents or elders in the family. Children may think that their parents would see estate planning as a taboo subject, or be afraid that the parents may think they are eyeing the parents’ assets.

However, the actual situation may not be as bad as many may think. We have many elderly clients who are open to discussing with their children how their assets will be distributed among them.

Some would even bring their children along and openly discuss their plans with our estate planners. We suggest that you should have your own will written. By doing so, you can explain to your parents why you’ve decided to do so and encourage them to do the same.

Your open-mindedness to the subject of will writing could show there is nothing superstitious about it, rather, it is prudent planning of your own affairs. Involving her in your estate plan discussion would be great as well.

You can also seek help from your local estate planners to talk to your mother, they would have a lot of experience in helping clients who sees estate planning as a taboo.

 

Question 2: My father has written his will many years ago and has entrusted it to me for safekeeping. Recently, he asked me to bring the will to him but I think I must have misplaced it when I moved house. Do I need to make police report before my father can make a new one? What would happen to the new will if the lost will was found by someone when he passes away?
Rockwills answer: A will is a written declaration of the testator’s wishes on how his assets are to be distributed after he has passed away. There is no need to make a police report about the missing will.

According to the Wills Act 1959, the lost will will be revoked when you father writes a new one. Therefore, instead of looking for the lost will, it is better for your father to write a new will.

While your father is writing a new will, it is also good to relook at the distribution instruction if there are changes to his assets. Instead of having you keeping your father’s will and possibly misplacing it again, it is better to place your father’s will in a company providing will custody such as Rockwills.

You have to remember that a will that cannot be found is as good as not having one.

What is important is for the family to be aware that a new will has been written to supersede the old one, so that if by chance the old will is found, it will be discarded when applying for probate.

 

About Rockwills Group

Rockwills International Group is the largest provider of solutions and support services in the areas of trusts, succession, management, and distribution of wealth. It has shareholders’ funds exceeding RM50 million and professional indemnity cover of RM100 million. It has done over 250,000 wills and 10,000 trusts (with more than 1,000 trusts involving special needs children) and hold more than RM25 billion in assets under trust management.

 

This Q&A Column in published as a joint public service and educational initiative with Rockwills Trustee Bhd. Please email your questions related to Estate Planning to bizhive@theborneopost.com or Rockwills’ training and business development assistant general manager Sam Chan (samchan@rockwills.com).

Source – https://www.theborneopost.com/2021/04/24/976142/